Core Insights - The 2025 Bay Area Semiconductor Industry Ecosystem Expo, themed "Chip Ignites the Future, Intelligent Creation of Ecology," concluded in Shenzhen, showcasing over 600 companies from more than 20 countries and regions [1] - The expo covered an exhibition area of over 60,000 square meters and attracted a total of 112,300 visitors over three days, with approximately 2,500 new products launched by participating companies [1] - Notable product launches included China's first 90GHz ultra-high-speed real-time oscilloscope and domestically developed EDA design software, marking significant advancements in high-end electronic measurement and design software [1] Industry Trends - The expo served as a platform for significant technological showcases, with products like semiconductor silicon wafers, advanced packaging equipment, and 5G IoT chips making their debut [2] - A one-on-one matching service for supply and demand attracted around 5,000 professional buyers from leading companies such as SMIC, Samsung, and BYD, indicating strong industry interest and engagement [2] - International companies like Applied Materials and Tokyo Electron participated actively, facilitating efficient connections between domestic and international industry resources [2]

Core Insights - The release of a 90GHz ultra-high-speed real-time oscilloscope by Shenzhen Wanliyan Technology Co., Ltd. marks a significant breakthrough in China's high-end electronic measurement instruments, overcoming long-standing restrictions imposed by Western countries [1][3][5] Performance Enhancement - The new oscilloscope boasts a performance improvement of 500% compared to previous domestic models, with a sampling rate of 200 billion samples per second and a storage depth of 4 billion sample points, which is double that of similar products [4][5] - It features an innovative "intelligent parameter optimization" function that can explore thousands of configurations in just 10 minutes, enhancing testing efficiency by over 100 times [4] Team and Innovation - The development team, averaging 28 years of age, consists of technical experts, young PhDs, and recent graduates, demonstrating a strong capability to compete with global technology leaders [4][5] - The company emphasizes a focus on system integration capabilities rather than isolated breakthroughs, investing in key areas such as ADCs, low-noise amplifiers, and micro-assembly technology [3][5] Strategic Focus - Wanliyan's product strategy is centered on addressing the "bottleneck" issues in high-end measurement instruments, with a product lineup that includes eight series across three major fields: electronic basic measurement, RF microwave measurement, and network testing [5][6] - The company aims to provide reliable testing services regardless of customer sanctions, positioning itself as a "third-party benchmark" in the market [6][7] Market Positioning - The company is committed to rapid iteration and adaptation to technological advancements, ensuring that it can meet the stringent requirements of high-end instrument customers [7] - Wanliyan's goal is to transition from a follower to a leader in the industry, leveraging opportunities presented by advancements in basic scientific research and emerging fields such as 6G and satellite communications [7]

Domestic Market Overview - The domestic market experienced a fluctuating rise with a decrease in trading volume, with the Shanghai Composite Index closing at 3912.21 points, up 1.22%, and the Shenzhen Component Index closing at 13118.75 points, up 1.73% [1][4] - Among the 30 sectors tracked, 28 sectors saw an increase, with notable gains in power equipment and new energy, automotive, and electronics, while only the oil and petrochemical and steel sectors experienced slight declines [1][4] - The total trading volume for the entire A-share market was 20,904 billion, showing a significant decrease compared to the previous day [1][4] Overseas Market Overview - The U.S. stock market showed mixed results, with the Dow Jones down 0.04%, the S&P 500 up 0.4%, and the Nasdaq up 0.66% [2][4] - Notable movements included a more than 9% increase in Supermicro Semiconductor, while Honeywell International fell nearly 3% and Travelers Group dropped over 2% [2][4] - Chinese concept stocks mostly rose, with New Oriental gaining over 10% [2][4] Economic Indicators - In September, China's Consumer Price Index (CPI) decreased by 0.3% year-on-year but increased by 0.1% month-on-month, marking the first time in 19 months that the core CPI year-on-year growth returned to 1% [9][11] - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [9][11] Key Developments - The Ministry of Housing and Urban-Rural Development is promoting the construction of intelligent sensing systems and urban cloud platforms using smart multifunctional poles as the main carrier [3][15] - A significant breakthrough was achieved in high-end electronic measurement instruments, with the launch of a 90GHz real-time oscilloscope, marking a key advancement in this field [3][16] - The latest financial data from China revealed that the broad money supply (M2) reached 335.38 trillion yuan, growing by 8.4% year-on-year [3][14]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Domestic financial data shows overall stability in volume, but the structure needs optimization [3]. - There is still significant uncertainty in trade frictions. However, news of technological breakthroughs in domestic technology sub - sectors drove the market to rebound, but under the background of reduced overall trading volume, the CSI 500 and CSI 1000 indices may continue the pattern of oscillating digestion in the short term [3]. 3. Summary by Related Catalogs Market Analysis - **Financial Aggregate Data**: Domestically, at the end of September, M2 increased by 8.4% year - on - year, and M1 increased by 7.2% year - on - year. The M1 - M2 spread hit a new low for the year. In the first three quarters, RMB loans increased by 14.75 trillion yuan, and the cumulative increase in social financing scale was 30.09 trillion yuan, an increase of 4.42 trillion yuan year - on - year. Regarding Sino - US relations, the US stated that whether to impose a 100% tariff on China depends on China's actions, and China urged the US to correct its wrong practices. China also opposed the EU's attempt to force Chinese enterprises to transfer technology [1]. - **Index Rebound**: In the spot market, the three major A - share indices rebounded. The Shanghai Composite Index rose 1.22% to close at 3912.21 points, and the ChiNext Index rose 2.36%. Most sector indices rose, with the power equipment, automotive, electronics, and pharmaceutical and biological industries leading the gains, while only the steel and petroleum and petrochemical industries closed down. The trading volume of the Shanghai and Shenzhen stock markets dropped to 2 trillion yuan. Overseas, the three major US stock indices closed mixed, with the Nasdaq rising 0.66% to 22670.08 points [1]. - **Technological Breakthroughs**: At the 2025 Bay Area Semiconductor Industry Ecology Expo, China's self - developed 90GHz real - time oscilloscope was officially released, and two domestic electronic engineering EDA design software with independent intellectual property rights were launched for the first time [1]. - **Futures Market**: In the futures market, on the day of the delivery of the current - month contract this Friday, the basis of IC and IM rebounded. The trading volume and open interest of stock index futures declined simultaneously [2]. Strategy - Based on domestic financial data, the overall volume remains stable, but the structure needs optimization. Given the uncertainty of trade frictions and the reduced trading volume, the CSI 500 and CSI 1000 indices may continue to oscillate in the short term [3]. Charts - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][9][11]. - **Spot Market Tracking Charts**: Table 1 shows the daily performance of major domestic stock indices on October 15, 2025. The Shanghai Composite Index rose 1.22%, the Shenzhen Component Index rose 1.73%, the ChiNext Index rose 2.36%, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [13][14]. - **Stock Index Futures Tracking Charts**: - Table 2 shows the trading volume and open interest of stock index futures. The trading volume and open interest of IF, IH, IC, and IM all decreased [15]. - Table 3 shows the basis of stock index futures. The basis of IC and IM increased on the day [39]. - Table 4 shows the inter - delivery spread of stock index futures, with various changes in spreads [43][45]. - There are also multiple charts showing the open interest, open interest ratio, and basis trends of different stock index futures contracts [6][16][19]

Core Insights - The domestic high-end oscilloscope sector has achieved a significant breakthrough with the launch of a 90GHz ultra-high-speed real-time oscilloscope by Shenzhen Wanlian Technology Co., Ltd, marking a key advancement in China's high-end electronic measurement instruments and breaking the long-standing Western blockade [1][2] Group 1: Product Features - The newly released oscilloscope enhances key performance metrics of domestic oscilloscopes by 500%, featuring intelligent optimization and server-level computing capabilities [2] - It has a sampling rate of 200 billion samples per second, enabling precise capture of picosecond-level transient signals, and a storage depth of 4 billion samples, which is double that of comparable products [2] - The oscilloscope is the first in the industry to feature a full-screen design with an 18.5-inch large display, allowing for multi-touch interaction for a "terminal-level" user experience [2] Group 2: Market Context - Historically, the Chinese market has been restricted by Western export controls, preventing the entry of real-time oscilloscopes with bandwidths exceeding 60GHz, and some entities were unable to access devices above 20GHz [1] - The oscilloscope has already been tested and applied in several enterprises and research institutions, including Huawei and Shanghai Jiao Tong University, indicating its immediate relevance and potential impact in the industry [2] Group 3: Future Development - The company plans to continue its focus on developing high-end products across various fields, including materials, processes, chips, systems, algorithms, protocols, and software [2]

Core Viewpoint - The article highlights the launch of a new generation of ultra-high-speed real-time oscilloscopes by Wanliyan, a subsidiary of Xinkailai, at the 2025 Bay Area Semiconductor Industry Ecological Expo, emphasizing its significance in addressing the "bottleneck" issues in high-end electronic measurement instruments in China [3][5][11]. Company Overview - Wanliyan was established on September 4, 2023, and is primarily owned by Shenzhen Xinkailai Technology Co., Ltd., which holds 91.47% of the shares. The company has over 600 employees, with approximately 80% being R&D personnel [4]. - The CEO, Liu Sang, has a background in leading R&D teams in Fortune 500 companies and has published over 20 academic papers and holds 7 patents in related fields [4]. Product Launch - Wanliyan's new 90GHz ultra-high-speed real-time oscilloscope significantly enhances domestic oscilloscope performance by 500%, making it applicable in semiconductor, 6G communication, optical communication, and intelligent driving sectors [5][10]. - The oscilloscope achieves a bandwidth of 90GHz, positioning it as the second-best globally and marking a breakthrough for domestic products [5][8]. Market Context - Historically, domestic instruments have lagged behind international standards, with leading global oscilloscopes exceeding 60GHz bandwidth, while domestic products have only reached 8GHz-18GHz [8]. - The U.S. export controls and restrictions on high-end measurement instruments have created a critical gap in China's electronic industry, making the development of domestic high-end oscilloscopes essential [8][11]. Technical Advantages - The new oscilloscope supports testing for advanced chip processes, particularly for AI chips requiring bandwidths of 60GHz to 90GHz [10]. - It features intelligent optimization algorithms that significantly reduce testing time from days to approximately 10 minutes, utilizing server-grade chips that enhance performance by about four times compared to conventional instruments [10]. - The oscilloscope is the first in the world to feature a full-screen design, improving user interaction and experience [10]. Product Range and Future Plans - Wanliyan's product line extends beyond oscilloscopes to include time-domain, frequency-domain, and digital network domain products, addressing various testing needs in the ICT, internet, smart terminal, smart vehicle, advanced manufacturing, metrology, and educational research sectors [11][12]. - The company aims to expand its market presence, focusing on high-end electronic measurement instruments that address critical bottlenecks in technology [12][14]. Market Growth - The domestic oscilloscope market is projected to grow from approximately $440 million in 2020 to $650 million by 2025, driven by advancements in electronic industries and increasing demand for high-end measurement instruments [13]. - The demand for oscilloscopes is expected to rise as industries such as smart vehicles, semiconductors, and satellite communications continue to develop [13][14].

Core Insights - The CEO of Wanliyan, a subsidiary of Xinkailai, Liu Sang, stated that the current clients include higher education institutions, industries, and quality testing organizations, with notable clients such as Huawei and Shanghai Jiao Tong University [1] Group 1 - The company is focused on addressing the "bottleneck" issues in high-end electronic measurement instruments, which is essential for supporting the advancement of China's industrial and academic sectors [1]

Core Insights - The launch of a domestically developed 90GHz real-time oscilloscope marks a significant breakthrough in China's high-end electronic measurement instruments, overcoming long-standing foreign technological barriers [1] Group 1: Product Features - The new oscilloscope enhances key performance metrics by 500% compared to previous models, featuring intelligent optimization and server-level computing power [3] - It boasts a sampling rate of 200 billion samples per second and a storage depth of 4 billion sample points, enabling precise capture and analysis of transient signals in nanometer-scale chips [3] Group 2: Industry Impact - This instrument is expected to provide critical support for the research and development of next-generation communications, artificial intelligence, and aerospace technologies in China [3]